CC's New Broker Account

[c_c405]

Huge pips spreads - Watch out for floating Spreads!

FXCM is a broker I trade with occasionally - I like their platform and they have great service - Have never had any problems with them except one

SPREADS!

Although I like them and they have never been as bad as some have indicated I do complain about their spreads as it seems in this market condition that they have widened them quite significantly.

Check them out Notice the CAD ones 84 PIP spreads CRAZY HUGE!

Watch out for these spreads

 

[c_c405]

Account Update After Weekend Pause

Here is the account numbers after weekend pause

Trades I had open were GBP/USD Long $1000 loss, EUR/JPY Long $1000 Loss, EUR/CHF Long $1000 Loss.

Trades still open are: GBP/CHF Short up 300 pips, CAD/JPY Short Up 600 pips

pic 1 opening balance
pic 2 today's balance

 

[c_c405]

CAD/JPY: Short at 79.48 is up 600 + pips

My short on this pair has been a good one. This pair began tumbling before the EUR/JPY and GBP/JPY Sort of a heads up pair as it sometime moves before others. Usually when CAD gets weaker against USD one can expect a bit of reaction in the CAD/JPY cross

Although my long on the EUR/JPY has dropped and taken out my stop I am still in a good position as a result of this pairs trade.

I have lowered my stop another 100 pips to offset the loss from the EUR/JPY Long I entered that failed

Will keep this one open to see if it hits the recent lows near the 70 level

 

[c_c405]

GBP/CHF: Short @ 1.6890 is up 300+ pips

This short was a good one so far i'm up 300+ pips and I have locekd in my profit stop at 6690 to equal my risk of 200 pip stop I initially set when I entered this short

This is still a risky trade on the short side given that this pair has a lot of head room for upward movement to it's previous range. I entered at the top of this new range a short and we'll see if it heads back to the lows in the 1.50 area if it does I will most assuredly go long at those levels

 

[c_c405]

EUR/JPY: Long @ 119.30

My first long was taken out for a 100 pip loss on this pair

I have been waiting for it to hit the lower levels of the 116 area possibly 114 area to scoop up a buy to hold for a while - but it might not get there so I decided to again go long at 119 level

my stop is 200 pips below

 

[c_c405]

GBP/JPY: Long @ 132.49

I like this pair the most out of all the Yen pairs

I have been patiently waiting for this pair to come back down to the lows and today it looks like it's done just that. I have entered long at 132.49 and my stop is set 200 pips below at 130.49

If 130 support holds this pair has a lot of upward potential since it has fallen 7000 + pips from the 200+ level (210 were the highs few months back)

Unless support is broken and my stop is taken out I'm long on this pair.

 

[c_c405]

EUR/CHF: Long Brewing - 1.45 to 1.47 area

This pair has fallen nicely towards the lows but it's not quite there yet

I'm tempted to take a long position on this pair and would like to see my GBP/CHF pair bounce a bit first - but that might not happen so I'm prepared to go long in this area soon

my entry target is 145-148 area so I'm watching and ready

 

[c_c405]

GBP/CAD: long stopped out for 400 pips profit - Waiting to go long again Near 74's

My lat long on this pair was taken out for a 400 pip profit - Ya I could of closed earlier for more profit but I kept it open - Now I'm out of the long and waiting for another opportunity to enter long again at the previous levels of 1.72 to 1.75 area

 

[c_c405]

Technical Glitch - #1 bad thing to report about this broker!

This week has been a complete blowout for me with this broker.

There has been some sort of tech issue with my account and all of my trades were Zero'd. On top of that I could not make any further trades as my account was frozen and I was sorta locked out.

Not sure why but I HATE that!!! There is nothing more freaky than not being able to limit or close trades weather they win or not.

Due to this glitch all my trades were closed and my account was credited some back. It now stands at 11000 dollars and I'm a bit pissed about it

I am now able to make trades and so life goes on

 

[c_c405]

AUD/USD: Long @ 0.6559 - Stop Set 200 pips below

After this harsh week of not being able to trade with this account I watched several pairs swing in my favor and several swings against me. Good thing I was able to trade with other brokers so a thumbs up for them (FXCM)

Anyhow back to the trades On this account I decided to go long on the AUD/USD pair - Although it's not a totally optimized entry it is pretty close to the lows

My stop is set 200 pips below and I will return later to see where it has gone. If it swings lower then I'm wrong and will have to adjust entries - I will however raise the stop to a profitable 2 or 3 pips to prevent any major losses if price action moves higher - This is a risky trade given the USD bounces

 

[c_c405]

USD/CHF: Short @ 1.1524 - Risky trade with 200 pip stop set above

The USD is ranging with this pair and is currently nearing the top of the range the main question is will it hold or break. When I return I will know won't I...

For now I'm short on this pair unless price action tells me different. It appears to be cresting and rolling over to head back to the lower end of the range but one can NEVER be to sure - Thats why stops are a good thing when used and placed.

 

[c_c405]

EUR/JPY: Long @ 115.04 Stop initially set 200 pips below - Stop raised to +3 pips

This pair dropped nicely I picked up a long on my other account at 112.56 - With this account I picked up a long at 115.04 due to the tech issue I was unable to get in lower - My stop was initially set 200 pips below but price swung higher allowing me to lock in a +3 pips to prevent losses should the market take the pair lower.

 

[c_c405]

GBP/JPY: Long @ 122.67 - Up 100+ pips - Stop raised to + 3 pips

After the heavy sell off I went long at 122.67 price has swung up allowing me to lock in another + 3 pips stop to prevent losses from further downward movements.

I was short on this pair at the 140.23 But that was a different account. After netting a lot of pips and after my tech glitch was fixed I missed the long at the 120 area. :-(

For now I'm long on this account at the 122.67 price and there is a nice bounce going on here.

 

[JDTRADER]

I'm new to all this but come from a Poker background and your style reminds me of some players. No money mangement risking large amounts, the boom or bust play.

Don't get me wrong each to there own, I'm watching and hoping you don't hit the bust.

Good Luck

 

[c_c405]

Poker?

I'm new to all this but come from a Poker background and your style reminds me of some players. No money mangement risking large amounts, the boom or bust play.

Don't get me wrong each to there own, I'm watching and hoping you don't hit the bust.

Good Luck

I don't play poker JD and I don't gamble.

 

[karl6666]

Margin

Its good to remember as a newbie, that the margin allowed will not enable you to be wiped out instantly, and the more you lose when you start trading your account diminishes and the less capital you have to trade, making it even harder to crawl your way back up.

CC did you take some screen shots of the broker software error or do you record your trading as proof.... What has the broker done about the fault

 

[c_c405]

They soved the problem and credited me back 5K

Its good to remember as a newbie, that the margin allowed will not enable you to be wiped out instantly, and the more you lose when you start trading your account diminishes and the less capital you have to trade, making it even harder to crawl your way back up.

CC did you take some screen shots of the broker software error or do you record your trading as proof.... What has the broker done about the fault

They solved the problem and credited me back 5k which I agreed to - they had to close my open positions to fix the problem.

I don't have a record of their problem as I was only getting an error message that said "An error has occurred - Your order has not been executed" This was coming up every minute or so when price moved below or above my stops - When they closed my positions I was up on some and down on some

They apologized and notified me that all my positions would be closed and they offered to credit me due to the problem being on their side. That is agreeable to me and I'm happy they solved the problem. Fortunately none of those losses ate into my deposit as my wins were far greater than my losses

Thumbs up for fixing it and honoring my account - Thumbs down for the Glitch

All in all so far I like this broker and I hope I don't have to experience that any further.

The real test is will they send me my money when I request it - That's the real deal

Will post to let you know

 

[K3trader]

Yo c_c405. Recently signed up to the site and jus wanna say its been an interesting read keep it up!

Also wanna ask, do you predominately use technical analysis only?

 

[c_c405]

GBP/JPY - Short @ 130.08 - Up 180 pips - Stop Lowered to lock in 50 pips

After the rocky glitch and a long renovation on my basement I'm back to trading

The trades I missed while I was renovating are: GBP/JPY Long, GBP/USD Long & GBP/CHF Long

This pair bounced nicely after the huge sell down so I decided to take a short in the risky zone of 130

130 is a support/resistance zone the is very good at whipping stops into submissions. I generally avoid these middle zones like the plague since they can kill your stops - Once in a while though I do take trades in these zones depending on market sentiment and if that sentiment matches my own.

I took a short at 130.08 and my initial stop was set 200 pips above. I have lowered this stop to lock in 50 pips - I took this trade on the 30th of January It is currently up 180 pips but was actually up about 500 pips on Sunday/Monday It is now back up and I'm not sure if it's heading towards the 140's but I think it will so I locked in a profit stop to avoid any losses

 

[c_c405]

EUR/JPY - Long @ 113.74 - Up 230 pips - Stop Raised to lock in 50 pips Profit

The Euro lost a ot of ground to the Yen and I was taken out of a few longs losing some pips there two or so weeks ago. When I saw it bouncing from the lows of about 113 i risked it and took a long just above it at 113.74

This pair may head towards the lows again but I think we'll see a print towards the 120's first